WASHINGTON — President Joe Biden is going into Thursday’s State of the Union address with an expanded plan to raise corporate taxes and use the proceeds to trim budget deficits and cut taxes for the middle class.
In a preview of Biden’s remarks, aides including Lael Brainard, director of the White House National Economic Council, said the president would contrast his proposals with Republican plans to extend former President Donald Trump’s expiring tax breaks and further slash corporate tax rates. Billionaires would need to pay a minimum of 25% in federal taxes on their income under his plans. People earning more than $400,000 would also pay higher Medicare taxes to ensure the program’s financial viability.
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